Finance & Economics

Study unveils preferred way to send money abroad among Americans

The data highlights growing digital adoption to improve daily lives in the global payments ecosystem

Americans

Study unveils preferred way to send money abroad among Americans. Source:
shutterstock.com

According to a new Visa survey, 23% of surveyed American adults have sent money from the US to another country while 65% of those remittance users plan to send money to another country to celebrate the holiday season.

In fact, digital remittances are the preferred method, with digital-only transactions already being the most popular and 59% of the remittance users surveyed saying they have sent or plan to send money using digital-only platforms.

Throughout my career I have emigrated to several countries for job opportunities, and sending money home to El Salvador was always a complex and frustrating process – but there was never a better way. As cross-border money transfers become increasingly digital, we built Visa Direct which connects 5 billion cards and bank accounts in 200 geographies and 160 currencies to help drastically simplify and accelerate the process of sending funds back home and ultimately improve the lives of migrant workers across the globe
Ruben Salazar, Global Head of Visa Direct

The study has found that 51% of surveyed American adults who send money to families internationally to celebrate the holiday season plan to send money within the next month.

Year-round, the top reasons for sending money abroad are to help someone unexpectedly in need (46%) or for holiday gifts (31%) and other special occasions (32%).

Still, about one-third of surveyed people say they regularly send money to support friends or family in other countries.

Digital-only transactions are the most popular way to send money.

Meanwhile, 59% of surveyed people who send money abroad plan to use a purely digital platform, although 41% have used or plan to use a digital method that requires them to go to a physical location such as a bank.

Looking ahead, 39% say their use of digital money transfers will increase.

We’ve reported that Davos Summit was postponed due to Omicron concerns.

SEE ALSO:

Pay Space

6725 Posts 0 Comments

Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.